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JK Tyre & Industries Ltd today said it will invest Rs 1,430 crore to ramp up capacity at its Chennai manufacturing facility which makes radial tyres for trucks, buses and cars.

"We have earmarked capex of Rs 1,430 crore to increase our truck and bus radial capacity by additional eight lakh tyre per annum and car radial capacity by another 20 lakh tyre per annum at the Chennai plant," said JK Tyre & Industries President and Director A K Bajoria.

Moreover, the company is also spending Rs 140 crore at its Mexican subsidiary Tornel to increase capacity by 18 per cent from its present capacity of 3.2 million tyres.

"In the first phase of expansion in our Mexican subsidiary Tornel, we are investing Rs 140 crore in next 10 months," he added.

He further added that after ramping up the capacity in Mexican subsidiary, JK Tyre would introduce Tornel brands in India.

The company today also launched 10 new products for passenger cars, truck and light commercial vehicles and is now targeting an increase of Rs 300 crore in its turnover.

JK Tyre had turnover of Rs 5,444 crore as on March 31 this year.

"With the launch of this new range, we are hopeful of increasing our market share in high performance tyre segment significantly," he said.

The tyres launched today also includes ultra high performance car tyre designed for the premium high end luxury cars as Audi, BMW and Mercedes.

Bajoria further added that JK Tyre has also started suppling tyres to Volkswagen group from India.

"We are going to be their worldwide partner. Wherever they have a plant, we are going to get a slice of that," he said.

Indian tyre market is estimated to be between Rs 46,000-50,000 crore. In the passenger vehicle tyre segment, the company has a share between 18-20 per cent.